Taking steps today can help you to build your Super and provide for a retirement where you can spend your time doing the things that are most important to you.

Here are my top tips to ramp up your Super:

1. Start early and use the power of compound interest

Look at two people who invest $5,000 per year at 8% per annum. The investor who started at 25 years old will have $1,404,000 in savings when she is 65. The investor who started at 45 years old will only have $252,000 at 65. Why? Because the 25 year old has harnessed the power of compound interest and has grown her principal by compounding her interest over a longer period of time.

2. Consolidate your super accounts

If you're like most Australians, you probably have more than one super account, which means you're probably paying more than one set of fees. Fees eat at your super savings, so make sure you 're paying as little in fees as possible. Utilise the ATO's SuperSeeker website to find out if you have any lost super accounts and consolidate them into one account with a low fee structure.

3. Find out how your money is invested

When you put your money into super, it will generally be invested into the equivalent of "growth", "balanced" or "conservative"option. Generally, the super fund will put you into a default "balanced" option unless you tell them otherwise. For young Australians who have time to ride out market dips and dives, it's a good idea to consider a growth option. Whilst this option is generally more volatile, the assets that it invests in tend to yield better returns.

4. Pay attention to performance

Performance is crucial as it makes your money grow, so you need to pay attention to it. If you don't think a small change can make a difference, you're wrong. Someone with $50,000 invested, contributing $41800 p.a. and earning 5% over the next 30 years will end up with $535,000. If that same person was eaming6%, he'd end up with $667,000. That's nearly $130,000 difference for just 1%.

5. Ask questions!

You have the right and the responsibility to understand how your money is being invested and how it's performing. Saving for retirement doesn't just mean putting money into your super fund; it's also about assessing that fund's performance. So get active, because your super is your money. It's your future.
Speak with Dominique Schuh from Schuh Group Wealth Advisors on 07 5480 4877 or dominique.schuh@schuhgroup.com.au if you have any questions or would like some advise on taking control of your superannuation.